These and other changes in exchange rates in Europe led to an effective appreciation of the German mark
In this environment, two announcements by the Finnish authorities in mid-November, first, that the Finnish markka would float and, later, that it would be effectively devalued about 12 percent, heightened the sense of exchange rate risk and boosted the German mark
For the same reason, Bulgaria used the German mark
to anchor its currency and Mexico is contemplating tying its peso to the U.
Bank notes denominated in German marks
, French francs, and the like will cease to be legal tender on July 1, 2002.
The average amount of a German mark
purchase - $156 million equivalent - was larger than atypical sale of foreign exchange, but was not substantially different from the average purchase of yen.
Also on This Day: 1440: Eton College received itsfirst charter; 1878: The obelisk of Thothmes III, 'Cleopatra's needle', was erected on the Thames Embankment, London; 1923: As the German mark
collapsed, pounds 1 was equal to 600 million marks;1953: Senator John F Kennedy married Jacqueline Bouvier; 1960: MOTs for cars were introduced in the UK; 2001: Downing Street was evacuated and the highest security measures were taken in London following the September 11 terrorist attacks.
European currencies, mainly the German mark
, the French franc and the Swiss franc, account for around 20% of the total.
The pound hit a four-week low against the German mark
and a low for the week against the dollar, clear signs that the markets expect a cut.
The 30-year Treasury bond similarly rose nearly a full point, and the dollar fell against the Japanese yen and German mark
At the end of the quarter, the current values of the German mark
and Japanese yen reserve holdings totaled $17.
dollar versus the Japanese yen and German mark
makes American products more attractive abroad.
There has been, he said, a lot of "catastrophic reporting" that gave worry to many and affected the value of German mark